9. Sari Tagore obtains a $1,000 loan to purchase a laser printer. Her interest rate is 7% ordinary interest for 108 days. 9a. What is the interest owed 9b) What is the maturity value of the loan?

Q: years. The interest rate is i(12) = 8.750%. What is the outstanding balance on the loan just after…

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: Angie wants to obtain a $500,000 mortgage, amortized over 25 years. Interest rates are currently 8%,…

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Q: Jumbo Bato borrowed money from Rovin Patila,payable for 3 years. If the interest rate per year is…

A: Data given: Interest rate (r) = 9% p.a. (assumed simple interest rate) n= 3 years   Loan amount (P)…

Q: Juan Pablo borrowed $1500 from a bank for 13 months. The bank discounted the loan at 5.7%. What is…

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Q: Devon takes out a loan of $1500 at 6 1/2 % simple interest for 56 months. What is the maturity value…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: 2. Determine the total interest to date.

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Q: An investor received a promissory note for $120,000 at an interest rate of 8% on July 15 with…

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Q: Wade Ellis buys a new car for $16,882.14. He puts 10% down and obtains a simple interest amortized…

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Q: Chandrika deposits $500 in an account paying an effective quarterly interest rate 2.01875%. Muhammad…

A: Present Value:  The present value (PV) is the present sum of the future payments. The future…

Q: On September 14, Jennifer Rick went to Park Bank to borrow $3,600 at 9.25% interest. Jennifer plan…

A:

Q: Caridad borrowed $17,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…

A: The final amount is computed by adding the loan amount and interest due and then subtracting the…

Q: 9. Jared will repay a mortgage over 25 years. This table shows 2 of the Раyment number payments.…

A: Equated Monthly Payment or EMI is a fixed amount paid every month by the borrower. It includes both…

Q: nna is buying a house selling for $285,000. To obtain the mortgage, Anna is required to make a 20%…

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Q: If Rita receives $36.44 interest for a deposit earning 6% simple interest for 10 days, what is the…

A: Interest received = $36.44 Interest rate = 0.06 or 6% Number of days = 10 Amount deposit = ?   In…

Q: O a. $1,054,602.46 b. $1,044,056.44 c. $970,234.27 d. $1,022,964.39 O e. $991,326.31

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Q: 1. find the interest rate. (round your final answer to the nearest percent) P=$55, I=$3.30,t= 6…

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Q: Ibrahim has a mortgage of $429,000 through his bank for property purchased. The loan is repaid by…

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A: To calculate the deposit amount we will use the below formula   Deposit amount = I/(r*d/365) Where I…

Q: 8. Joseph borrowed a single-payment loan of $12,000 at an interest rate of 15%. The term of the loan…

A: For calculating exact interest, 365 days for normal year and 366 days for leap year will be taken as…

Q: 4. Liam borrows $10,000 at an effective periodic rate of i. The loan will be paid back with 10…

A: In order to show the proof, we will have to use the converging series concept of siminishing…

Q: Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the…

A: Data given: P=Loan amount = $ 5,500 r=Rate= 8.11% p.a. Date of the loan = September 7 Date of…

Q: 13. Manuel lends Jahib $75 for 3 days. Manuel is paid back $80. Interest is compounded daily.…

A: Solution Given Amount given $75 Period 3 days Compounding Daily Amount paid…

Q: Anna is buying a house selling for $285,000. To obtain the mortgage, Anna is required to make a 15%…

A: Mortgage Payment. The amount that the Borrower is expected to pay in respect of its Mortgage Loan on…

Q: On October 5, Tristan Sandino borrowed $3,050 to buy an English bulldog. The loan carried a rate of…

A: Simple Interest=  Principal* rate of interest* number of days/Number of days in a year.

Q: Theodore D. Kat is applying to his credit union for a mortgage of $200,000. The bank has quoted 8%…

A: Calculating Effective Annual Rate using Excel Effective annual rate functionEAR = 8.30%

Q: On September 12, Jody Jansen went to Sunshine Bank to borrow $4,200 at 8% interest. Jody plans to…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.